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by imtringued
25 days ago
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Neoclassical economics is based around the idea that markets are 100% efficient. If they are only 99% efficient the whole thing falls apart, because the standard defense of neoclassicals against exponentially growing defects in the economy is that they never happen in the first place. The moment you permit a 1% defect rate, the cascade starts and it is only a matter of time for things to go wrong. |
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